The apex court website showed that Sebi filed the petition in October, and a bench will be allotted soon. A verdict will decide whether shareholders who exited USL through an open offer in late 2012 and early 2013, when Diageo took over the company, deserved a better price.
“Sebi had approved the transaction in 2013; however, they went on to initiate proceedings against the company nearly three years later, in 2016," said a lawyer privy to the development. “In a way, the intervention was retrospective in nature. If the Sebi order is upheld by the apex court, it would have an impact on the whole takeover code."
An email sent to Sebi remained unanswered at the time of going to press.
Bu hikaye Mint Mumbai dergisinin November 21, 2023 sayısından alınmıştır.
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Bu hikaye Mint Mumbai dergisinin November 21, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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